Clearly, someone wants this over 8.50 but not by much. Lots and Lots and Lots of share traded between 8.45-8.75 over the last few months. Mega resistance and support level. Over 8.75 has not lasted at all in this time period. Gains have washed out in hours or days. Not rue what this is all about. Turn around story seems intact. Mid August earnings release will be biggest catalyst for stock.
and #$%$. Whats up with this pos? Everything turning around for company , stock market at all time highs and this thing is stuck 10% below its earnings pop on massive volume. Everyday they gap it 2% and then fade it away....
PLANO, Texas - (June 23, 2014) - J. C. Penney Company, Inc. (NYSE: JCP) announced today that it has closed its new $2.35 billion asset-based senior secured credit facility, comprised of a $1.850 billion revolving line of credit and a $500 million term loan. The new facility replaces a $1.850 billion credit facility that was scheduled to mature in April 2016 and provides better pricing terms than the previous facility.
Proceeds from the term loan will be used to pay down the cash borrowings on the previous facility. The revolving line of credit will be available for working capital and general corporate purposes.
Ed Record, Chief Financial Officer of JCPenney, said, "We proactively pursued this new facility to extend the maturity several years and further enhance our liquidity position, particularly during periods of peak working capital needs. We are pleased with the improved pricing terms of this facility as well as the support and confidence from our banking partners."